LP Radar: April 2015

See the latest private equity LP updates, including allocation changes and people moves

30 April

The New York State Teachers' Retirement System has committed €100 million to Rhone Partners V, $70 million to Thoma Bravo Special Opportunities Fund II, and €70 million to ICG Europe VI.

29 April

New Hampshire Retirement System committed $50 million to Coller International Partners VII at its latest committee meeting last week. 

At a meeting today, Oregon State Treasury will decide whether or not to commit $500 million to Blackstone Capital Partners VII. This would be the pension fund's tenth and largest commitment to private equity this year. In the first quarter, Oregon State Treasury had committed $200 million each to Rhone Partners V and TPG Growth III, which closed earlier this week.      

 

28 April

The Indiana Public Retirement System has committed $75 million to EnCap Energy Capital Fund X, an oil and gas-focused fund investing in North American companies.

 

27 April

Los Angeles County Employees Retirement Association has committed up to $200 million to Blackstone Capital Partners VII.

The Massachusetts Pension Reserves Investment Management Board has named Sarah Samuels as its new deputy chief investment officer. The $62 billion pension fund has also named David Gurtz, formerly deputy chief investment officer and director of risk management, as interim COO and CFO while it searches for a permanent replacement. 

 

24 April

The Washington State Investment Board committed $250 million to TA XII, €150 million to Rhône Partners V and $200 million to Enervest Energy Institutional Fund XIV.

 

23 April

The Washington State Investment Board and the San Diego County Employees' Retirement Association has approved a $500 and $100 million commitment respectively to Blackstone's Fund VII.

Patrick Pace has joined the University of Texas Investment Management Co. as director of the private markets team. Mr. Pace, a healthcare investor who was trained as a medical doctor, will report to Lindel Eakman, the managing director for private markets investments. This newest addition shows Utimco's efforts to increase its focus in the healthcare sector.

 

 22 April

The Los Angeles County Employees' Retirement Association has committed up to $125 million to Institutional Venture Partners XV.

The Alaska Retirement Management Board has revealed that since the beginning of 2015 it has committed $50 million to Lexington Capital Partners VII, $20 million to New Enterprise Associates 15, $9.5 million to Fortissimo IV, $8 million to Insight Venture Partners IX, and $4.3 million to Baring Asia Private Equity Fund VI. 

 

 21 April

Korea Fire Officials Credit Union currently allocates less than 5 percent of its total assets to private equity, all of which focus on South Korea but it revealed that it will also look for overseas investment opportunities.

The University of Michigan revealed that it committed $15 million to Emergence Capital Partners IV in January 2015 and $40 million to Athyrium Opportunities Fund II in November 2014.

The European Bank of Reconstruction and Development announced today that it is considering making a commitment of up to €20 million to Taxim Capital Partners I.

 

20 April

Tsinghua University Education Foundation revealed that it will not commit to private equity funds in 2015.

El Paso Firemen & Policemen's Pension Fund committed $9 million to Oaktree Opportunities Fund Xb, a distressed debt fund managed by Oaktree Capital Management. 

 

17 April

In March, Sacramento County Employees' Retirement System approved the 2015 private equity annual investment plan, which targets a $285 million commitment level over nine funds. The commitment range would be between $235-$335 million from 7-11 funds. The area of focus for the remainder of 2015 would include sector specific funds as well as potential “re-ups” with existing GPs.

 

16 April

Sompo Japan Nipponkoa Insurance revealed that it has not had a solid plan for 2015 yet but the company will continue to seek opportunities in Japan, North America and Europe with no sector preference. Emerging markets are not under its scope at this moment.

The State of Wisconsin Investment Board has committed $50 million to TPG Growth III, $35 million to Fortissimo Capital Fund IV, and $25 million to Emergence Capital Partners IV.

 

15 April

Hyundai Marine & Fire Insurance currently manages 20 private equity funds and revealed that it plans to maintain same level of investment in 2015.

Recently released board meeting minutes reveal that the Municipal Fire & Police Retirement System of Iowa committed $60 million to Siguler Guff Hawkeye Opportunities Fund in February.


14 April

The Japan's Pension Fund Association revealed that it will continue to look for 10 to 12 private equity funds, mainly American buyout funds in 2015.

The Tennessee Consolidated Retirement System has committed $30 million to Oaktree Opportunities Fund X, $75 million to Oaktree Opportunities Fund Xb and up to $30 million to OrbiMed Royalty Opportunities II.

At today's board meeting, Los Angeles City Employees' Retirement System will decide on making a commitment of $25 million each to BDCM Opportunity Fund IV and American Securities Partners VII.

 

 13 April

Massachusetts Pension Reserves Investment Management Board has committed a total of $650 million to four private equity funds. They are a commitment of $250 million to Blackstone Capital Partners VII, a $150 million commitment to CVI Credit Value Fund III, a $200 million commitment to TA XII and a $50 million commitment to Thoma Bravo Special Opportunities Fund II.

The State of Wisconsin Investment Board has committed $75 million to American Securities Partners VII, $55 million to Bridgepoint Europe V, $50 million to EnCap Energy Fund X, and $50 million to Peninsula Fund VI. 

 

10 April

Tokio Marine Asset Management  reveal that it will commit around five private equity funds in 2015, mainly buyout funds that target developed countries, but other strategies will also be considered.

In February, Delaware Public Employees' Retirement System approved a $50 million commitment to Flagship Ventures Fund V.

 

 9 April

At yesterday's board meeting, San Francisco Employees Retirement System were going to approve a $50 million commitment to Blackstone Capital Partners VI. 

At its March board meeting, the New Mexico Educational Retirement Board approved a $100 million commitment to TPG Growth III.

 

8 April

The Teacher Retirement System of Texas will give as much as $1 billion to Apollo Global Management for its existing account and as much as $1 billion for a new account to invest in tactical credit opportunities.

 

7 April

At its March board meeting, New Mexico PERA committed $150 million to a separate account with 57 Stars focusing on emerging markets.

The Houston Municipal Employees' Pension System has committed $25 million to New Enterprise Associates 15 as part of their private equity allocation and $20 million to EnCap Energy Capital Fund X as part of their inflation-linked assets allocation. 

 

6 April

Last month, the Alaska Permanent Fund disclosed that it had committed $45 million to Catalyst Fund IV and $35 million to Insight Venture Partners IX.

The Minnesota State Board of Investment has committed $100 million to Avenue Energy Opportunity Fund and $75 million to MHR Institutional Partners IV.

 

3 April

Last month the Teacher Retirement System of Texas committed $150 million to New Enterprise Associates 15 and $98 million to KKR Eagle Co-Invest.

The Vermont Pension Investment Committee of the Vermont State Retirement System has given preliminary approval to a $50 million commitment to HarbourVest Partners X, a private equity fund of funds. The committee of the $4 billion pension fund, which previously committed $15 million to HarbourVest International Private Equity Partners VII, will will make a final decision after its April 21 meeting.

 

2 April

In March 2015, Illinois TRS committed $150 million within the private equity portfolio to The Blackstone Group and $200 million to Riverstone Holdings opportunities within the energy sector. 

The California State Teachers' Retirement System has issued an RFP and is searching for a private equity consultant to advice its $20.3 private equity program. Proposals to the $190.8 billion pension fund are due May 15 at 2 p.m. PDT.

 

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